Peter Tonagh-fronted consortium makes bid for AAP
Former News Corp and Foxtel CEO Peter Tonagh has been named as the leader of a consortium which is seeking to save newswire service AAP from closure, making a bid with a view to close a deal by the time the platform is due to close next month.
While it’s understood the deal is the only viable one on the table it has not yet been accepted by AAP’s shareholders Nine, News Corp and Seven West Media.
Peter Tonagh is at the front of a bid to save the AAP
The owner of AAP could feasibly set up a highly competitive news site, but they’d probably need to make it a subscription. The big hole to fill is the money Nine and News paid for the service, but it would be free to offer services to people like banks, who seriously need something to add value to the online banking services that are now virtual commodities. CBA, for example , might bit a bit to support its banking, corporate and CommSec investing services. Telstra might pay to have news on its phone services.
I think News and Nine would rather sink it.
I know I will probably be shot down for this as it is a crazy idea (and I probably deserve it). Imagine if FB purchased AAP and had their content as their “official FB endorsed news” source. The ACCC will prob never allow it